Accidental landlords 'need to improve their knowledge'

The uncertainty in Britain's housing market has left many homeowners unable to achieve a sale of their property, and this has been further enforced due to the increased difficulty prospective buyers are experiencing when it comes to securing a mortgage.

Yet as people look to find a means to gain some form of profit from their holdings, one expert believes there has been an increase in the number of 'accidental landlords' - that is, property owners that were not expecting to let their assets but have taken the decision to do so given the struggle to secure a sale.

"I think it [the rise in rented accommodation] can be attributed to the number of accidental landlords, people who can't sell their property so have decided to rent, or have perhaps been left a property in somebody's will and have no idea about what to do," said Marie Parris, managing director of George Ellis Property Services.

With many Brits also seemingly looking to the lettings game to market assets that they may have been left by family members, it appears that many are getting into the private rented sector without any prior knowledge of how the industry works.

Indeed, understanding the need for effective landlord insurance policies and complying with tenancy deposit schemes are just a small range of the wide variety of factors that those who are letting property have to consider.

"Accidental landlords are not likely to have that knowledge, and you tend to find it's those landlords who are getting into problems," Ms Parris added.

As such, Brits who find themselves taking steps to open their properties up to tenants could do well to acquaint themselves with the plethora of laws, regulations and guidelines that govern the system, as failure to do so could lead to their unconsciously breaking the law.

It appears that accidental landlords may want to consider more than just the potential for profit when entering the lettings market.